Ebang International Holdings Inc., the Nasdaq-listed blockchain technology and crypto-mining hardware manufacturing company, is in the news today after it passed a resolution to launch a Dogecoin and Litecoin mining business.
According to the company’s press release,
“…the Company plans to operate its Litecoin (“LTC”) and Dogecoin (“Doge”) mining business by adopting a combination of deploying self-manufactured mining machines and mining machines purchased from other manufacturers as well as leasing computing powers from other mining farms and allow LTC and Doge to be mined simultaneously.”
Ebang will be using its already established Bitcoin mining business to build its credentials in the Litecoin and Dogecoin mining sector. It is worth noting, however, that a fixed schedule for the same hasn’t been presented yet, with no immediate timeline set for launch.
Chairman and CEO of the company, Dong Hu, welcomed the development and commented,
“The development of the Business will further promote our related cryptocurrency-focused businesses and increase our revenue. We believe this move will accelerate the Company’s transformation from solely a hardware manufacturer to a diversified and vertically integrated blockchain company with comprehensive involvements in the blockchain industry value chain.”
The aforementioned announcement came a few weeks after a chip for simultaneous Litecoin and Dogecoin mining was successfully designed by Ebang. This new design is intended to allow an upgrade to the crypto-mining machines currently in the market.
With a focus on creating more crypto-mining machines, the Chairman added,
“We have made tremendous efforts to build up our R&D team and accelerate product iteration and innovation. In the future, we will focus on developing more mainstream cryptocurrency mining machines, and we are considering designing more mining chips compatible with multiple cryptocurrencies. We believe it will help increase our revenue from the cryptocurrency mining business and optimize our product offering structure along the blockchain industry value chain.”
Greater participation of the company in the cryptocurrency world has also provided a boost to its fortunes in the stock market. The share price for Ebang International [NASDAQ: EBON] surged by 20.9% on Thursday morning, despite the fact that most of the crypto and stock market was laying low.